Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the FCF payout ratio high or low?
The FCF payout ratio of 116.59% is 18% above its 5-year average of 99.16%, near the low end of its 5-year range (64.31%–278.41%).
As of the fiscal period ended Tuesday, March 31, 2026. 23.83% above its 12-month average of 94.16%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
116.59%
FCF PAYOUT RATIO AVG TTM
94.16%
FCF PAYOUT RATIO AVG 3Y
81.26%
FCF PAYOUT RATIO AVG 5Y
88.02%
FCF PAYOUT RATIO AVG 10Y
88.50%
FCF PAYOUT RATIO AVG 15Y
91.92%
FCF PAYOUT RATIO AVG 20Y
84.45%
CURRENT VS TTM AVG
+23.83%
CURRENT VS 3Y AVG
+43.48%
CURRENT VS 5Y AVG
+32.47%
CURRENT VS 10Y AVG
+31.74%
CURRENT VS 15Y AVG
+26.84%
CURRENT VS 20Y AVG
+38.06%
FCF Payout Ratio TTM
116.6%
Earnings Payout Ratio
77.3%
Dividend Yield
4.51%
FCF Yield
3.81%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $2.45B | $2.58B | 105.6% |
| 2024 | $2.87B | $2.31B | 80.7% |
| 2023 | $2.83B | $1.84B | 65.1% |
FCF Payout Ratio measures trailing dividends paid as a percentage of trailing free cash flow. Unlike earnings-based payout, it compares dividends with cash generated after capital expenditures.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | FCF PAYOUT RATIO |
|---|---|
| 2026-03-31 | 116.59% |
| 2025-12-31 | 105.56% |
| 2025-09-30 | 86.10% |
| 2025-06-30 | 84.77% |
| 2025-03-31 | 77.76% |
| 2024-12-31 | 80.68% |
| 2024-09-30 | 84.10% |
| 2024-06-30 | 86.92% |
| 2024-03-31 | 100.61% |
| 2023-12-31 | 65.07% |
| 2023-09-30 | 64.31% |
| 2023-06-30 | 70.10% |
| 2023-03-31 | 69.17% |
| 2022-12-31 | 98.09% |
| 2022-09-30 | 91.37% |
| 2022-06-30 | 93.48% |
| 2022-03-31 | 98.24% |
| 2021-12-31 | 90.16% |
| 2021-09-30 | 109.22% |
| 2021-06-30 | 131.57% |
| 2021-03-31 | 278.41% |
| 2018-09-30 | 313.92% |
| 2018-06-30 | 163.28% |
| 2018-03-31 | 115.78% |
| 2017-12-31 | 103.29% |
| 2017-09-30 | 74.60% |
| 2017-06-30 | 53.15% |
| 2017-03-31 | 60.95% |
| 2016-12-31 | 71.20% |
| 2016-09-30 | 106.69% |
| 2016-06-30 | 164.87% |
| 2016-03-31 | 327.79% |
| 2011-12-31 | 949.68% |
| 2011-06-30 | 110.29% |
| 2011-03-31 | 94.64% |
| 2010-12-31 | 77.02% |
| 2010-09-30 | 64.02% |
| 2010-06-30 | 63.56% |
| 2010-03-12 | 41.80% |
| 2009-12-31 | 37.48% |
| 2009-09-30 | 79.79% |
| 2007-12-31 | 102.90% |
| 2007-09-30 | 46.52% |
| 2007-06-30 | 64.76% |
| 2007-03-31 | 30.83% |
| 2006-12-31 | 27.25% |
| 2006-09-30 | 104.52% |
| 2006-06-30 | 52.90% |
| 2003-09-30 | 113.56% |
| 2003-06-30 | 19.48% |
| 2003-03-31 | 8.59% |
| 2022 |
| $1.70B |
| $1.67B |
| 98.1% |
| 2021 | $1.85B | $1.67B | 90.2% |
| 2020 | ($296.31M) | $1.61B | N/A (Loss) |
| 2019 | ($1.90B) | $1.46B | N/A (Loss) |
| 2018 | $45.24M | $1.34B | n/m |
| 2017 | $803.02M | $829.41M | 103.3% |
| 2016 | $726.98M | $517.60M | 71.2% |
| 2015 | ($181.33M) | $509.20M | N/A (Loss) |
| 2014 | ($493.54M) | $443.82M | N/A (Loss) |
| 2013 | ($961.82M) | $304.74M | N/A (Loss) |
| 2012 | ($875.21M) | $261.97M | N/A (Loss) |
| 2011 | $23.91M | $227.02M | 949.7% |
| 2010 | $251.29M | $193.54M | 77.0% |
| 2009 | $661.45M | $172.77M | 26.1% |
| 2008 | ($997.46M) | $162.78M | N/A (Loss) |
| 2007 | $145.96M | $150.19M | 102.9% |
| 2006 | $497.08M | $135.45M | 27.2% |
| 2005 | ($430.15M) | $110.16M | N/A (Loss) |
| 2004 | ($59.30M) | $89.23M | N/A (Loss) |
| 2003 | ($211.07M) | $70.96M | N/A (Loss) |
| 2002 | $601.63M | $74.30M | 12.3% |
| 2001 | $63.78M | $73.84M | 115.8% |
| 2000 | ($406.59M) | $70.47M | N/A (Loss) |
| 1999 | ($99.20M) | $28.06M | N/A (Loss) |
| 1998 | $45.01M | $54.80M | 121.8% |
| 1997 | $61.60M | $28.00M | 45.5% |
| 1996 | $15.50M | $27.90M | 180.0% |
Formula: FCF Payout Ratio TTM = trailing 4Q dividends paid / trailing 4Q free cash flow × 100
FCF payout and earnings payout:
Reading the series: Use the chart and table to compare dividend payments with cash generation over time.
